In terms of capabilities, I'd look to Zenoss software to provide these things in Office 365:

• round trip mail performance using the Mail Transactions ZenPack. This gives you failure events and round trip mail time data collection for SMTP/POP email. docs/DOC-12602
• logon and transaction times with the Web-based Synthetic Transactions ZenPack. Failure events and response time. docs/DOC-12524

These are delivered as part of the commercial package.

Unless you pay for enterprise or write your own, yeah The ZenPack for Exch 2010 works really well when the hosts are local. I am not familiar with Office365 other than its cloud-related. You most likely will not have any sort of access to the internal services of that service itself. Do you know if they provide an API? If they do, you could easily create a COMMAND script to gather that data and parse it with Zenoss.